29. Section 96 of the principal Act is amended —
by deleting subsection (1) and substituting the following subsection:
“(1) Subject to subsection (1B), no holder of a capital markets services licence shall —
appoint a person as its chief executive officer or director; or
change the nature of the appointment of a person as a director from one that is non-executive to one that is executive,
unless it has obtained the approval of the Authority.”;
by deleting the words “subsection (1)” in subsection (1A) and substituting the words “subsection (1)(a)”;
by inserting, immediately after subsection (1A), the following subsection:
“(1B) Subsection (1) shall not apply to the appointment of a person as a director of a foreign company, or the change in the nature of the appointment of a person as a director of a foreign company if, at the time of the appointment or change, the person —
does not reside in Singapore; and
is not directly responsible for its business in Singapore or any part thereof.”;
by inserting, immediately after paragraph (a) of subsection (4), the following paragraph:
a prohibition order under section 101A has been made by the Authority, and remains in force, against the person;”; and
by inserting, immediately after subsection (5), the following subsections:
“(6) Without prejudice to the Authority’s power to impose conditions or restrictions under section 88, the Authority may, at any time by notice in writing to the holder of a capital markets services licence, impose on it a condition requiring it to notify the Authority of a change to any specified attribute (such as residence and nature of appointment) of its chief executive officer or director, and vary any such condition.
(7) Any person who contravenes any condition imposed under subsection (6) shall be guilty of an offence.”.